Book Review: Economist Introduction Mark Drabenstott, Laurence Kotlikoff, Jacob Viner, Stephen Salant, Fengbo Zhang, Stanley Engerman, Eric Ghysels

This is a comprehensive reference book to provide further understanding of both the achievements and Academic Biographies of the World’s leading economists. Based on the contribution to the academic research and world economy, this 1166 pages book selected the top 500 globally distinguished economists, which is led by the following 7 top economists:

Mark Drabenstott, is a Vice-president of the Federal Reserve Bank of Kansas City. He is additionally the chair of the National Policy Association’s Food and Agriculture Committee as well as the Director of the National Bureau of Economic Research at Harvard University. He has served as an advisor of World Bank and has testified before Congress on at least 10 occasions.

Laurence Kotlikoff, President of Economic Security Planning, Inc., a Professor of Economics at Boston University, and a Fellow of the American Academy of Arts and Sciences.  Kotlikoff has written that the economic future is bleak for the United States without tax reform, health care reform, and Social Security reform in his book  The Coming Generational Storm, and other publications. Kotlikoff is a supporter of the FairTax proposal, contributing to research of the plan’s effects and the required rate for revenue neutrality.

Jacob Viner, (1892 – 1970), was a Canadian economist and is considered along with Frank Knight and Henry Simons, as one of the “inspiring” mentors of the early Chicago School of Economics in the 1930s.  He was one of the leading figures of the schools faculty. Known for his enduring economic modeling of the firm, and for having added the terms “trade creation” and “trade diversion” to the canon of economics in 1950.  He also made important contributions to the theory of international trade and to the history of economic thought. His most influential work on the history of economic thought Studies in the Theory of International Trade (1937)  and is the source for much of the knowledge of the Bullionist Controversy in 19th Century Britain.

Stephen Salant, a Professor of Economics at the University of Michigan who has done extensive research in applied microeconomics, mostly in the fields of natural resources and industrial organization. His 1975 model of speculative attacks in the gold market was adapted by Paul Krugman and others to explain speculative attacks in the foreign exchange markets.  Hundreds of journal articles and books on financial speculative attacks followed.  In addition to Dr. Salant position as Professor of Economics at the University of Michigan, he is and a nonresident fellow at Resources for the Future. 

Fengbo Zhang, is a leading Chinese economist, as well as the first citizen of the People’s Republic of China to receive a Ph.D. in economics from an overseas country. He introduced Western Economics to China, and established the theory and method of Chinese Macroeconomic Research. He has been advising the top Chinese leadership in policy-making from the 1980s, and is a Founder of Chinas GDP and Macroeconomic Research.. He represented leading Japanese companies during the rapid investment boom in the USA and joined Fuji Bank and weathered the World Financial Storm in 1997. In 2003, he joined Citigroup as a Senior Vice President, and was awarded the CitiStar – Citibank NA’s highest honor, during the financial crisis in 2008 and 2009.  He published more than 10 books, is regularly invited to speak to Chinese government and business leaders and international forums. 

Stanley Engerman, is an economist and economic historian at the University of Rochester, as well as a visiting professor in the Harvard University Economics Department. Engerman served as President of the Social Science History Association as well as President of the Economic History Association. Engerman is known for his quantitative historical work, has published over 100 articles and has authored, co-authored or edited 16 book-length studies.

Eric Ghysels,  is an economist with particular interest in finance and time series econometrics who works in the field of financial econometrics.   He is currently the Edward M. Bernstein Distinguished Professor of Economics at the University of North Carolina and a Professor of Finance at the Kenan-Flagler Business School . His most recent research focuses on Mixed data sampling regression models and filtering methods with applications in finance and other fields. He is a Fellow of the American Statistical Association, coeditor of the Journal of Financial Econometrics and a member of the Society for Financial Econometrics. 

Source: Current Economic Trends and News

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Ten Famous Economists

Economists have actually been around for hundreds of years, creating new financial systems and coming up with new and exciting philosophies that have helped shape the economies for their countries. This article takes a look at ten famous economists and their contributions. Although the idea of the economist might seem like a new one, economists have actually been around for hundreds of years, creating new financial systems and coming up with new and exciting philosophies that have helped shape the economies for their countries, as well as others. The following is a list of ten famous economists and what they added to the profession.
1. Fan Li- Fan Li is recognized in most circles as the earliest economist. He worked during the Chinese Spring and Autumn Period and used the concept of buying low and selling high in the feudal agrarian society of Ancient China. He also wrote a book on business management.

2. Richard Cantillon- Richard Cantillon lived in the 18th century and wrote Essai Sur la Nature du Commerce en Général, making him one of the first economic writers.

3. David Hume- David Hume, a Scottish historian and philosopher, was also an early founder of economic concepts and is considered to be one of the “classical economists”

4. John Stuart Mill- A British political economist and philosopher, John Stuart Mill was a recognized contributor to political economy, social theory, and political theory. In fact, his ideas regarding liberty actually vindicated the freedom of the person in opposition to unlimited state control, making him ahead of his time. He was also a member of Parliament and a significant individual when it came to liberal political philosophy.

5. Carl Menger- Carl Menger was the founder of the Austrian School of Economics and was selected to lead a commission to change the Austrian monetary system. He wrote numerous articles that helped transform monetary theory, including “The Theory of Capital” (1888) and “Money” (1892).

6. John Maynard Keynes- Keynes, a British economist, was the creator of Keynesian economics. He was also the founder of modern theoretical macroeconomics. His ideas have deeply affected the theory and practice of the economic policies of governments. He also helped developed previous work on the basis of business cycles, and supported the use of fiscal measures to alleviate the unpleasant effects of economic recessions. In the 1950s and 1960s, Keynesian economics resulted in nearly all capitalist governments to promote the foundation of social liberalism.

7. James Tobin  – An American economist and Nobel Prize Laureate, James Tobin served on the Council of Economic Advisors and the Board of Governors of the Federal Reserve System. A teacher at both Harvard and Yale, he helped expand the ideas of Keynesian economics and championed government intervention to steady output and circumvent recessions. His research lead the way for the studies of monetary and fiscal policies and financial markets. He is also known for his “Tobin tax”, an idea that taxed foreign exchange transactions.

8. Paul Krugman is a 2008 Nobel Memorial Prize in Economic Sciences winner and a supporter of modern liberal policies. His Nobel Memorial Prize in Economics was given to him for his explanation the patterns of international trade and the geographic concentration of wealth. He has written 20 books and more than 200 articles.

9. Fengbo Zhang - Dr. Fengbo Zhang is a leading Chinese economist who introduced Western Economics to China.

10. Ludwig von Mises - Sometimes listed as one of the greatest economists of the 20th Century, von Mises was a social philosopher who created a conclusive science of economics founded on the idea that individual human beings act on purpose in order to achieve goals.

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